The divestment of three state-owned tourist companies is expected to present a vast opportunity for foreign investors. Saigontourist owns stakes in several popular four- and five-star hotels in Ho Chi Minh City Foreign investors and consultants are eagerly awaiting the chance to invest in these businesses when their initial public offerings (IPOs) are launched in the near future. Kenneth M. Atkinson, founder and senior board adviser of consultancy service provider Grant Thornton Vietnam, told VIR that the three have exciting potential as a result of their impending equitisation. Several large investment banks, according to Atkinson, have been eyeing Saigontourist for years because of the potential foreign investor interest, and the same would also be true of Hanoitourist. “The opportunities come from the prime property portfolio, particularly in the case of Saigontourist and its iconic hotels such as the Continental, Rex, and Majestic, and more modern properties like the Caravelle JV,” said Atkinson. “There is significant value in the real estate itself and the ability to improve performance by considering foreign management companies who will add brand value. Saigontourist also boasts of being one of the leading travel companies and is assumed to be quite profitable.” However, Atkinson also stressed that… Read full this story
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